TIL Desk/Business/New Delhi/ Asserting that India can “stand tall in a trade war”, noted industrialist Anand Mahindra has said the world needs access to the country’s fast-growing large economy amid the US hiking tariffs on certain steel imports.
“Not sure why Indian markets seem so perturbed by the threat of global tariff wars. Small, export focused countries stand to lose. Countries with large domestic economies can easily withstand tariff threats. The world needs access to the fastest-growing large economy-India,” Mahindra said in a tweet.
The chief of the diversified Mahindra Group further said MNCs wanting access to India’s markets will have to manufacture locally, which they will.“So, no danger of drifting back to a socialist, stagnant economy. I’m no believer in protectionism and enjoy competing globally but I believe India can stand tall in a trade war,” the industrialist added.
The US recently imposed hefty tariffs on imported steel and aluminium, citing national security concerns and the need to protect American industries from “unfair” business practices, triggering fears of a global trade war.
